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Home , Gillette Stadium, Lincoln Financial Field, Lucas Oil Stadium, Raymond James Stadium

NFL Funding Comparison

Total Private Funding Public Funding Year Project Total % of Total % of /Team Team Opened Cost Private Total Public Total

Los Angeles Stadium (Proposed) TBD 2016 $1,200.0 $1,200.0 100% $0.0 0% 49ers (Proposed) 2015 $987.0 $873.0 88% $114.0 12% New Meadowlands Stadium Giants/Jets 2010 $1,600.0 $1,600.0 100% $0.0 0% New Cowboys Stadium 2009 $1,194.0 $750.0 63% $444.0 37% Stadium Colts 2008 $675.0 $100.0 15% $575.0 85% University of Phoenix Stadium 2006 $471.4 $150.4 32% $321.0 68% Eagles 2003 $518.0 $330.0 64% $188.0 36% (renovation) Bears 2003 $587.0 $200.0 34% $387.0 66% (renovation) 2003 $295.2 $126.1 43% $169.1 57% Stadium Patriots 2002 $412.0 $340.0 83% $72.0 17% Lions 2002 $440.0 $330.0 75% $110.0 25% Reliant Stadium Texans 2002 $474.0 $185.0 39% $289.0 61% Qwest Field Seahawks 2002 $461.3 $161.0 35% $300.3 65% Steelers 2001 $280.8 $109.2 39% $171.6 61% Invesco Field at Mile High Broncos 2001 $400.8 $111.8 28% $289.0 72% 2000 $449.8 $25.0 6% $424.8 94% LP Field 1999 $291.7 $84.8 29% $206.9 71% Stadium Cleveland Browns 1999 $271.0 $71.0 26% $200.0 74% M&T Bank Stadium Ravens 1998 $226.0 $22.4 10% $203.6 90% 1998 $194.0 $0.0 0% $194.0 100% FedEx Field Washington Redskins 1997 $250.5 $180.0 72% $70.5 28%

Average 38% 62% New Meadowlands Stadium (2010) East Rutherford, NJ

Team Commitments • $1.3 billion in taxable bonds issued by New Meadowlands Stadium Corp, a 50/50 partnership between Giants & Jets • $300 million grant from NFL’s G3 stadium funds program • 25-year lease agreement, with team options to extend • Teams agreed to pay $5 million in rent annually, plus $1.3 Fact Sheet million per year in payments in lieu of property taxes to the • 82,500-seat football capacity town of East Rutherford • 200 suites • 10,000 club seats Public Commitments • yet to be sold • State donated land for project • Teams granted property tax exemption for 520,000 square feet of adjacent retail development

Lease Considerations Financing Summary ($ millions) • Owner/Operator: New Jersey Sports & Exhibition Auth. Sources of Funds Giants Jets NFL Total • Teams split all revenues generated by stadium, non- Giants Portion of Bonds $650.0 $650.0 football parking revenues from western half of Jets Portion of Bonds $650.0 $650.0 Meadowlands Sports Complex, and naming rights to NFL G3 Grant $300.0 $300.0 adjacent racetrack and retail complex Total Sources $650.0 $650.0 $300.0 $1,600.0 Stadium Sources & Uses

Estimated stadium cost $1,200,000,000 AEG/Team responsibility (% of total) 100% NFL G‐3 loan ($150,000,000) Net PSL Sales (estimated) ($150,000,000) AEG/Team contribution, net $900,000,000 AEG/Team Equity $450,000,000 Debt Service $450,000,000 Interest rate 7.5% Term 30 Annual debt payment $38,100,000 AEG IRR 6.7% TOTAL PROJECT REVENUES AEG PROPOSAL ‐ DEDICATED TO BOND REPAYMENT Total Project Total Project Project Year Project Revenues Incremental Taxes Revenues/Taxes Project Revenues Incremental Taxes Revenues/Taxes

Const. 2012 $0 $0 $0 $0 $0 $0 Const. 2013 0 1,267,125 1,267,125 0 1,267,125 1,267,125 Const. 2014 3,000,000 2,746,750 5,746,750 3,000,000 2,534,250 5,534,250 Const. 2015 3,090,000 3,653,521 6,743,521 3,090,000 3,441,021 6,531,021 1 2016 10,337,700 11,025,317 21,363,017 9,682,700 5,582,594 15,265,294 2 2017 10,560,031 9,606,167 20,166,198 9,891,931 4,858,866 14,750,797 3 2018 10,787,479 9,830,327 20,617,807 10,106,017 4,956,043 15,062,060 4 2019 11,020,170 10,059,932 21,080,102 10,325,079 5,055,164 15,380,243 5 2020 11,258,234 10,295,119 21,553,353 10,549,241 5,156,268 15,705,508 6 2021 11,501,802 10,536,029 22,037,832 10,778,629 5,259,393 16,038,022 7 2022 11,751,012 10,782,808 22,533,820 11,013,376 5,364,581 16,377,956 8 2023 12,006,003 11,035,604 23,041,607 11,253,613 5,471,872 16,725,486 9 2024 17,266,918 11,294,570 28,561,488 16,499,481 5,581,310 22,080,791 10 2025 17,683,904 11,559,863 29,243,768 16,901,119 5,692,936 22,594,055 11 2026 18,111,613 11,831,644 29,943,258 17,313,172 5,806,795 23,119,967 12 2027 18,550,335 12,110,079 30,660,413 17,735,925 5,922,931 23,658,855 13 2028 19,000,367 12,395,335 31,395,702 18,169,669 6,041,389 24,211,058 14 2029 19,462,017 12,687,589 32,149,606 18,614,704 6,162,217 24,776,921 15 2030 19,935,599 12,902,134 32,837,733 19,071,340 6,285,461 25,356,802 16 2031 20,421,437 13,206,376 33,627,813 19,539,893 6,411,171 25,951,064 17 2032 20,919,865 13,518,088 34,437,953 20,020,690 6,539,394 26,560,084 18 2033 21,431,225 13,837,462 35,268,687 20,514,067 6,670,182 27,184,249 19 2034 21,955,869 14,164,694 36,120,563 21,020,368 6,803,586 27,823,953 20 2035 22,494,159 14,499,985 36,994,145 21,539,948 6,939,657 28,479,605 21 2036 23,046,468 14,843,542 37,890,010 22,073,173 7,078,450 29,151,623 22 2037 23,613,179 15,195,576 38,808,755 22,620,417 7,220,019 29,840,437 23 2038 24,194,684 15,556,307 39,750,991 23,182,068 7,364,420 30,546,487 24 2039 24,791,389 15,925,956 40,717,346 23,758,520 7,511,708 31,270,229 25 2040 25,403,711 16,304,754 41,708,465 24,350,184 7,661,942 32,012,126 26 2041 26,032,076 16,692,937 42,725,012 24,957,479 7,815,181 32,772,660 27 2042 26,676,925 17,090,745 43,767,670 25,580,836 7,971,485 33,552,321 28 2043 27,338,710 17,498,429 44,837,139 26,220,700 8,130,915 34,351,614 29 2044 28,017,898 17,916,242 45,934,140 26,877,527 8,293,533 35,171,060 30 2045 28,714,967 18,344,447 47,059,413 27,551,788 8,459,403 36,011,192

30 Year Term Nominal Total $590,375,746 $410,215,455 $1,000,591,201 $563,803,654 $201,311,263 $765,114,917 NPV @ 6.0% $186,801,842 $146,219,454 $326,503,401 $177,921,909 $71,173,920 $249,095,829

Effective Percentage of New Taxes Dedicated to Debt Service Gross $ 49.07% NPV 48.68% Total Attendance by Event Type (FY 2008 – FY 2011)

2,127,000

1,977,200 1,845,000 1,552,300

(1) Data projected by LACC as of 3/7/2011 Notes: Event types are based on LACC classifications. Source: LACC, Show Management, 2011. LA Inc. Citywide Conventions – Total Events (1996 –2012) Future LACC Exhibit Space Occupancy

81.8% 77.5% 73.1%

Notes: Additional events assume new citywide bookings occupying 275,000 gross square feet over eight facility utilization days. Source: CSL International, facility management, 2011 Comparison of Total Sellable Space

Contiguous Space Total Space

Chicago, IL 840,000 2,324,800 Orlando, FL 950,300 1,586,900 , NV 623,100 1,553,300 , GA 607,500 1,049,800 , LA 1,068,500 294,800 Houston, TX 639,000 363,700 Anaheim, CA 670,100 268,000 Washington, DC 473,000 431,000 Dallas, TX 726,600 Phoenix, AZ 312,500 554,400 San Francisco, CA 256,400 555,900 Denver, CO 579,000 , CA 525,700 , MA 516,000 , CA 346,900 362,100 San Antonio, TX 401,900

0 700,000 1,400,000 2,100,000 2,800,000

Square Feet Comparison of Hotel Rooms Within ½ Mile of the Convention Center

San Francisco, CA 19,113 Las Vegas, NV 16,631 Orlando, FL 10,803 San Antonio, TX 9,354 New Orleans, LA 8,614 Atlanta, GA 8,317 San Diego, CA 8,190 Anaheim, CA 7,800 Washington, DC 7,600 Denver, CO 6,594 Dallas, TX 3,776 Houston, TX 3,251 Phoenix, AZ 1,700 Average = 7,300 Boston, MA 1,690 Median = 7,700 Los Angeles, CA 1,685 Chicago, IL 1,089

0 5,000 10,000 15,000 20,000

Number of Rooms Summary of Estimated Economic Impacts New NFL Stadium and Expanded Convention Center

New Stadium Convention Center

Net New Direct Spending Net New Direct Spending First Year $277,000,000 First Year $48,000,000 30‐Year Cumulative (1) $13,156,000,000 30‐Year Cumulative (1) $2,283,619,954 Net Present Value (2) $5,322,000,000 Net Present Value (2) $923,822,421

Total Output Total Output First Year $456,000,000 First Year $60,000,000 30‐Year Cumulative (1) $21,689,000,000 30‐Year Cumulative (1) $2,854,524,942 Net Present Value (2) $8,774,000,000 Net Present Value (2) $1,154,778,027

Earnings Earnings First Year $208,000,000 First Year $26,160,000 30‐Year Cumulative (1) $9,919,000,000 30‐Year Cumulative (1) $1,244,572,875 Net Present Value (2) $4,013,000,000 Net Present Value (2) $503,483,220

Employment Employment Net New Jobs 6,320 Net New Jobs 711

Net New Taxes Net New Taxes First Year $7,870,726 First Year $1,513,318 30‐Year Cumulative $350,273,567 30‐Year Cumulative (1) $61,392,404 Net Present Value (2) $120,580,722 Net Present Value (2) $25,901,330

(1) Assumes annual inflation rate of 3 percent. (2) Assumes discount rate of 6 percent.